The Hartford Announces Its Policy On Insuring, Investing In Coal, Tar Sands

Date : 12/20/2019 @ 7:00PM
Source : Business Wire
Stock : Hartford Financial Services Group Inc (HIG)
Quote : 54.45  -0.82 (-1.48%) @ 10:02PM
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The Hartford Announces Its Policy On Insuring, Investing In Coal, Tar Sands

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The Hartford announced its policy on insuring and investing in coal and tar sands. The company will no longer insure or invest in companies that generate more than 25 percent of their revenues from thermal coal mining or more than 25 percent of their energy production from coal. In addition, the company will also stop insuring and investing in companies that generate more than 25 percent of their revenues directly from the extraction of oil from tar sands.

“The world needs affordable, accessible energy to support global economic progress and, at the same time, action is needed to mitigate the impact such activity has on our climate,” said The Hartford’s Chairman and CEO Christopher Swift. “Extreme weather affects people’s lives and businesses – and the risks are getting worse. As an insurer and asset manager we recognize the growing cost of this crisis, and we’re determined to use our resources and influence to address the challenge. That’s why we have taken a position on coal and tar sands.”

The policy parameters include:

  • No new underwriting of or investments in the construction and operation of new coal-fired plants;
  • No new underwriting of or investments in companies that generate more than 25 percent of their revenues from thermal coal mining or more than 25 percent of their energy production from coal;
  • No new underwriting of or investments in companies that generate more than 25 percent of their revenues directly from the extraction of oil from tar sands;
  • Phase out existing underwriting relationships and divest publicly traded investments which exceed the threshold by 2023; and
  • Exceptions for business lines that cover employees, such as disability, life and other voluntary products offered by our Group Benefits division – where we are providing protection to people.

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at @TheHartford_PR.

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.

HIG-C

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2018 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.

From time to time, The Hartford may use its website and/or social media outlets, such as Twitter and Facebook, to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com, Twitter account at www.twitter.com/TheHartford_PR and Facebook at https://facebook.com/thehartford. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.

Media Contacts: Michelle Loxton 860-280-6763 michelle.loxton@thehartford.com Matthew Sturdevant 860-547-8664 matthew.sturdevant@thehartford.com Investor Contact: Susan Spivak Bernstein 860-547-6233 susan.spivak@thehartford.com

 

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